My brother & I discuss a lot about retirement & the typical predictive amount you need based on the financial gurus such as needing 80% of your working income, 10x gross salary saved by age 65, or determining annual income needed divided by 4% (.04) to estimate total qty needed to last you. For those retired & actually living it, how accurate are those predictions? Are you finding it requires less than you thought or more? I know this is a broad stroke question as each ones situation might be quite different considering if you have a lot of chronic medical costs, still carrying a mortgage & other debt, etc...but just curious if you found it to be more or less difficult than you expected?
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Let me put it in simple terms. If you live comfortably now you need just as much income to be comfortable retired. -
So basically you need 100% of your working net income during retirement.Originally posted by Walker View PostComment
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Probably. Consider health insurance if your present employer provide all or part now. Property taxes keep going up. You probably want some retirement toys or travel. I get 86% ans still pull 10 gs or more a year from my separate 457 for things like dental bills, new roofs etc.Comment
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Like anything else, it depends. If you're retiring at Medicare age, insurance is much less of a problem. I've been out less (out of pocket) than when I had insurance through my company.
There will probably be a learning curve when you realize that you can't spend what ain't coming in anymore, but that too depends on what your spending pattern was before.
My stock broker has been a big help to me in keeping my outgo in line with my income.Comment
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Mainly be debt free at or before retirementComment
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For the record, I’m still 18-20 years out but was just curious how realistic those recommendations were you typically see from financial advisors. Good feedback & I agree a lot depends on each situation if you retire debt free & have minimal health issues you are probably in decent shape versus carrying debt & may have more frequent health care needs. My dad is retired & went in debt free & health insurance provided st no cost via ERS retirement.Comment
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I have been looking into this also. I have a company to sell and a paid off big house. Going to push hard for 10 more months and then make a decision....Comment
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I’m a financial advisor. If you’d like some hard numbers based on your situation. Shoot me a pm. Most folks don’t realize all the regular expenses they have until they retire. Or they put themselves in a situation that Strains the nest egg they built at a point that’s Not sustainable, it’s all about balancing and being honest about how much you want/need to spend then tailoring a plan that meets those goals/objectives.Comment
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Give me a shout if you’d like to talk about how those funds would last should you chose retirement.Originally posted by Johnny Dangerr View PostComment
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Originally posted by Walker View Post
This. Plus insurance. Plus the cost of all the projects you wanted to do but didn’t have time to do.
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Plus inflation, unexpected emergencies, rise in cost of living, LTC should you need it, lots of variables to considerOriginally posted by bowhuntvideo View PostComment
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As much as you can stock away. do you want to piddle, work a side job or just be retired? lots of little things you can do to make a little extra cash if needed. try to be debt free or very near debt free by the time. I am lucky when I retire I get insurance for life and so does my wife. we are both mid 30s house and vehicles paid off daughters college funded and inheriting 300 paid off acres. so for me it may be less than it will be for you. All depends on the lifestyle you want to have. Now I just got to make it to retirement LOLComment
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